# Demographics → PPP Deviation

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| D1: Z → PPP deviation | log_reer_demeaned | 3,044 | 100 | 0.086 |
| D2: Z → PPP deviation + BS | log_reer_demeaned | 3,017 | 99 | 0.104 |
| D3: OECD PPP deviation | log_reer_demeaned | 1,161 | 37 | -0.247 |
| D4: non-OECD PPP deviation | log_reer_demeaned | 1,856 | 62 | 0.064 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| D1: Z → PPP deviation | Z_1 | -1.3768 | 0.4434 | 0.0019 | *** |
| D1: Z → PPP deviation | Z_2 | 0.2069 | 0.0647 | 0.0014 | *** |
| D1: Z → PPP deviation | Z_3 | -0.0082 | 0.0026 | 0.0016 | *** |
| D2: Z → PPP deviation + BS | Z_1 | -1.4900 | 0.3937 | 0.0002 | *** |
| D2: Z → PPP deviation + BS | Z_2 | 0.2152 | 0.0569 | 0.0002 | *** |
| D2: Z → PPP deviation + BS | Z_3 | -0.0083 | 0.0023 | 0.0002 | *** |
| D2: Z → PPP deviation + BS | log_gdp_pc | 0.0218 | 0.0163 | 0.1809 |  |
| D3: OECD PPP deviation | Z_1 | 0.2201 | 0.7995 | 0.7831 |  |
| D3: OECD PPP deviation | Z_2 | 0.0063 | 0.1082 | 0.9539 |  |
| D3: OECD PPP deviation | Z_3 | -0.0014 | 0.0041 | 0.7294 |  |
| D3: OECD PPP deviation | log_gdp_pc | 0.1503 | 0.0343 | 0.0000 | *** |
| D4: non-OECD PPP deviation | Z_1 | -1.3286 | 0.5188 | 0.0105 | ** |
| D4: non-OECD PPP deviation | Z_2 | 0.1795 | 0.0769 | 0.0197 | ** |
| D4: non-OECD PPP deviation | Z_3 | -0.0064 | 0.0031 | 0.0402 | ** |
| D4: non-OECD PPP deviation | log_gdp_pc | 0.0180 | 0.0220 | 0.4148 |  |

*PPP deviation = log(REER) - country mean*